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20 Jul 2012

Union Cabinet for allowing 51 percent FDI in Multi-brand retail

Chief Minister Vijay Bahuguna welcoming the decision of the Union Cabinet for allowing 51 percent FDI in Multi-brand retail and also the proposal to leave its implementation decision to the States said it was in harmony with the federal nature of country's polity.

Interacting with media persons at New Delhi on Tuesday, Mr. Bahuguna observed that this decision held significance in unlocking the true potential of agrarian economy as in absence of adequate logistics and infrastructure; a large part of farm produce never reached the market. Mr. Bahuguna, observing that farmers were at mercy of middlemen, said that on the one hand, they do not get the true price for their produce, on the other hand, consumer ended up paying many times more than the price secured by the farmers. "We hope that this decision is implemented at the earliest as it will bring in foreign investments, technologies, efficiencies and generate rural employment to strengthen rural economy," he said.

Chief Minister Bahuguna said that in Uttarakhand this would help in increasing the income of the rural farmers whose agri-horticulture-organic produce got spoiled in large quantity because of non availability of cold storage and proper marketing facilities. "FDI Retail will further help in refraining migration of youth from the hill region of Uttarakhand as the economic activities will activate there," he said while urging the Union Commerce Minister Anand Sharma and the Prime Minister for early implementation of the policy.